Catégorie : Crypto News

Bitcoin’s price movements over the weekend culminated in a rally that pushed the asset to a new all-time high of $106,500, but it has dropped by around two grand since then.

Most altcoins are slightly sluggish on a daily scale, aside from LINK, SUI, and AAVE, all of which have registered impressive gains.

BTC’s Latest Peak

After the two price drops at the start of the previous business week, both of which pushed BTC south to $94,400, the cryptocurrency went on the offensive and spiked to roughly $100,000 by Thursday.

Following some uncertainty at that level, the asset flew past it on Friday and hasn’t really looked back since. It hovered around $102,000 during the weekend, and after a few unsuccessful breakout attempts, it managed to push above it during the early morning Asian trading session.

Perhaps fueled by some positive comments from Donald Trump and the growing number of whale wallets, BTC skyrocketed to a new all-time high of $106,500 (on Bitstamp). Nevertheless, it has lost some steam since then and now sits around two grand lower.

Its market capitalization is up to $2.070 trillion on CoinGecko, while its dominance over the altcoins is close to 54%.

SUI Sees New High

Most larger-cap alts have posted either small gains or insignificant losses over the past day. ETH is slightly in the green, trading above $3,900, while XRP, SOL, BNB, DOGE, ADA, TRX, and AVAX have declined by about 1-2% each.

In contrast, LINK and AAVE have emerged among the top performers, surging by 4% and 5%, respectively. SUI has jumped by over 6% and sits above $4.7. Moreover, it tapped a fresh all-time high as well hours ago at over $4.9, according to CoinGecko data.

The total crypto market cap has added around $80 billion since yesterday and is up to $3.850 trillion on CG.

CoinShares’ latest report showed that the crypto sector experienced $3.2 billion in inflow last week, extending its streak to 10 consecutive weeks of positive flows. This marks the longest streak of inflow this year.

The inflow also brings total year-to-date flows to $44.5 billion, which is four times higher than any previous annual record.

Trump’s election victory spur $11 billion inflow

Last week, Bitcoin-related investment products saw inflows totaling $2 billion. This means the flagship digital asset has recorded over $11 billion in inflows since Donald Trump‘s election victory in November.

The strong post-election momentum in Bitcoin ETPs is primarily attributed to optimism around potential regulatory clarity and a more crypto-friendly stance from the incoming US administration. This has led the US market to dominate inflows, contributing $3.1 billion, followed by Switzerland ($36 million), Germany ($33 million), and Brazil ($25 million).

CoinShares’ Head of Research, James Butterfill, noted that trading volumes in Bitcoin ETPs averaged $21 billion weekly, accounting for 30% of Bitcoin trading activity on trusted exchanges. Bitcoin volumes on these exchanges reached $8.3 billion daily, showcasing a liquid and robust trading environment.

Meanwhile, short Bitcoin products also gained traction, with inflows of $14.6 million pushing their assets under management to $130 million. This trend highlights growing interest in hedging strategies as Bitcoin’s price climbed to an all-time high of over $106,000.

Ethereum maintained its streak of inflows, marking its seventh consecutive week with $1 billion added. Over this period, Ethereum ETPs saw total inflows reach $3.7 billion, underlining improved sentiment.

Notably, spot Ethereum ETFs reported a 15-day inflow streak, capturing over $2 billion during the reporting period.

Altcoins also experienced positive momentum. XRP drew $145 million in inflows, fueled by speculation about a potential US-listed ETF. Meanwhile, Polkadot and Litecoin recorded $3.7 million and $2.2 million in inflows as investors diversified their portfolios.

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Mark Longo, popularly known as Squirrel Dad, has taken legal action against Binance for what he describes as unauthorized use of his intellectual property, including images and trademarks tied to Peanut the Squirrel.

The animal in question, stylized as “P’Nut,” was a male eastern grey squirrel rescued by Longo in 2017. It became an internet sensation through a popular Instagram account, “P.NUT Sanctuary,” which chronicled its antics.

However, the creature’s story turned tragic when, on October 30, 2024, the New York State Department of Environmental Conservation seized it from Longo’s home and euthanized it after testing for rabies.

Allegations Against Binance

In his letter to Binance, shared in a December 16 post on X, Longo accused Binance of using PNUT branding for cryptocurrency-related services without his express permission.

The animal rights advocate said the crypto exchange had unlawfully exploited the “Peanut the Squirrel” trademark, PNUT logos, and associated imagery, which he has owned since he first rescued the animal. Longo is demanding that Binance stop this infringement, confirm compliance by December 17, and agree to commit no further violations in the future.

He claimed that such activities led the exchange’s customers to mistakenly associate PNUT-branded meme coins sold on the platform with his conservation initiatives.

If Binance fails to comply, Longo reserves the right to seek legal remedies, including claims for damages under the U.S. Copyright Act, which provides penalties of up to $150,000 for wilful infringement. The exchange had not yet responded to the cease-and-desist at the time of writing.

Peanut-Themed Meme Tokens Suffer Different Fates

Longo previously launched the Justice for Pnut and Fred (JUSTICE) token on Pump.fun after criticizing the crypto community for profiting from his trauma by creating the Peanut the Squirrel (PNUT) coin soon after the popular rodent’s death.

While PNUT’s overall worth skyrocketed to more than $1 billion when Binance listed it alongside several other meme coins, JUSTICE ended up shedding more than 99% of its $53.8 million market cap days after its introduction amid claims of significant selling pressure.

Currently, the coin is up 34%, with a valuation of $373,026 per CoinGecko. On the other hand, PNUT recorded a 4.1% dip in the last 24 hours, but its market cap is still above $1 billion.

Another coin launched by Longo soon after the JUSTICE debacle, dubbed Justice for Peanut (JFP), also suffered a similar fate to its predecessor, losing 67% of its price hours after going live. While its price is nearly 70% below its all-time high of $0.001705, achieved on December 13, 2024, the total value of its circulating supply stands at a much more respectable $2.2 million.

The Financial Accounting Standards Board (FASB) has implemented its Fair Value accounting rule for crypto, effective Dec. 15, 2024.

This update aims to address accounting and disclosure practices gaps for cryptocurrencies while enhancing transparency in financial reporting.

Under the new rule, companies must measure their crypto holdings at fair value and update these valuations in every reporting period. This change enables businesses to reflect gains and losses from market price fluctuations in their financial statements.

Previously, digital assets like Bitcoin were classified as indefinite-lived intangible assets. This approach allowed companies to write down impaired assets but prohibited them from reporting gains unless sold.

Meanwhile, the updated standard also requires firms to disclose key details about significant holdings, changes during the reporting period, and any contractual restrictions on sales.

However, the rule applies only to fungible digital assets such as Bitcoin and Ethereum. Nonfungible tokens (NFTs) are excluded due to the challenges in estimating their fair value, given their unique attributes and non-interchangeable nature.

Market implication

The crypto community has widely welcomed this regulatory progress. Many believe the enhanced transparency and standardized reporting will further mainstream Bitcoin and drive institutional adoption globally.

According to them, this shift marks a turning point in how businesses account for cryptocurrencies. By reflecting real-time market values, financial statements will now present a more accurate picture of a company’s financial health. Stakeholders will gain better insights into the risks, cash flow, and performance associated with crypto.

Financial analyst Thomas Jeegers explained that the rule reduces business complexity by eliminating the need for impairment testing. This streamlined approach could encourage more companies to adopt Bitcoin as a strategic asset, especially now that accounting standards align with its economic value.

Similarly, Bill Barhydt, CEO of crypto platform Abra, celebrated the move while stating that it paves the way for institutions in the S&P 500 to hold Bitcoin without permanent markdowns.

Additionally, Bill Hughes, Director of Global Regulatory Matters at Consensys, echoed this sentiment, calling it a significant milestone for broader adoption.

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Bitcoin surged to a new all-time high of $106.5K, marking a historic moment in its 16-year trajectory. As the world’s leading cryptocurrency gained almost 200% this year, there was a key contributing factor to this price surge.

The latest data suggest a notable increase in whale wallet activity that has pushed it to a new milestone.

Bitcoin’s Record Finds Support From Whales

Since the bull rally began on October 10th, the number of addresses holding at least 100 BTC has climbed from 16,062 to 17,644 – a net gain of 1,582 wallets, reflecting a substantial 9.9% increase in just nine weeks.

According to Santiment analysis on Monday, this surge in whale accumulation has coincided with a 77% jump in Bitcoin’s price, highlighting the strong correlation between growing investor confidence among large holders and the asset’s upward momentum.

The latest BTC rally followed comments from President-elect Donald Trump indicating his intention to form a US Bitcoin strategic reserve similar to the country’s oil stockpile.

The announcement ignited excitement among cryptocurrency bulls, fueling the record-breaking rally. Many industry watchers suggest Bitcoin has entered “Santa Claus mode,” with a surge in buying as investors fear missing out and aim to allocate more funds to the asset class.

Bitcoin’s Santa Claus Rally

Since the November 5 election, where Trump and numerous pro-crypto candidates won, Bitcoin has gained more than 50%.

Historically, December is viewed as a bullish month for the asset, but the “Santa Claus Rally”—defined as gains during the last five trading days of the year and the first two of January—has shown mixed performance in the crypto market. Between 2014 and 2023, Bitcoin rallied seven times before Christmas and five times afterward, recording returns of 0.20% to 13.19% pre-Christmas and 0.33% to 10.86% post-Christmas.

Yet, the pattern remains inconsistent; for instance, in 2017, Bitcoin plunged 21.30% pre-Christmas during the post-ICO market correction. Still, December as a whole has averaged returns of 9.48%, as per CoinGecko’s findings.

It took bitcoin just over ten days to reestablish its presence in the market by skyrocketing to a new all-time high, this time of well over $106,000.

It went up, down, and up again in the past 12 hours or so, leaving over $300 million in liquidations, but one particular order stands out as the largest.

Data from CoinGlass shows that the primary cryptocurrency’s rally has wrecked nearly 100,000 traders in the past 24 hours. However, the biggest single liquidated position took place on Binance and involved the BTC/USDT trading pair.

The total value was a whopping $19.86 million, which the whale lost during the volatile ride. Although it sounds as if it was likely from a short position, BTC also retraced by about two grand immediately after the latest peak, which could cast some doubt on whether it could have been a trader expecting further gains.

After all, just over 51% of the liquidations on Binance were for shorts. Nevertheless, these developments only go to show that traders should be wary when opening over-leveraged positions in the current volatile environment.

Aside from BTC, which has extended its dominance over the market, many larger-cap alts have posted some gains as well over the past 24 hours. These include ETH, SOL, DOGE, ADA, AVAX, and TON are up by around 2-3% each.

SUI have jumped the most from the larger caps, having gained 9% and trading close to $4.8.